Exhibit 12.1
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CHEVRON CORPORATION - TOTAL ENTERPRISE BASIS
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Dollars in Millions)
Year Ended December 31,
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1999 1998 1997 1996 1995
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Net Income $2,070 $1,339 $3,256 $2,607 $ 930
Income Tax Expense 1,776 658 2,428 2,624 1,094
Distributions (Less Than) Greater Than Equity in
Earnings of Less Than 50 Percent Owned Affiliates (250) (72) (70) 29 (5)
Minority Interest 4 7 11 4 -
Previously Capitalized Interest
Charged to Earnings During Period 9 35 28 24 47
Interest and Debt Expense 548 492 405 471 557
Interest Portion of Rentals(1) 178 187 167 158 148
--------- --------- --------- --------- ---------
Earnings Before Provision for
Taxes And Fixed Charges $4,335 $2,646 $6,225 $5,917 $2,771
========= ========= ========= ========= =========
Interest and Debt Expense $ 548 $ 492 $ 405 $ 471 $ 557
Interest Portion of Rentals1 178 187 167 158 148
Capitalized Interest 59 39 82 108 141
--------- --------- --------- --------- ---------
Total Fixed Charges $ 785 $ 718 $ 654 $ 737 $ 846
========= ========= ========= ========= =========
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Ratio Of Earnings To Fixed Charges 5.52 3.68 9.52 8.03 3.28
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<FN>
(1) Calculated as one-third of rentals.
</FN>
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